Germantown’s Carrefour, Glasgow developments closer to breaking ground
Article by: Abigail Warren
Published by the Daily Memphian
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New homes and a business could soon break ground in Germantown.
Germantown’s Board of Mayor and Aldermen issued development contracts for the residential developments of the former Germantown Country Club site and the first building of the reimagined Carrefour at Kirby Woods.
The residential development received two development contracts. One includes the Germantown Country Club site. The first phase of 150 homes was approved for the Glasgow neighborhood, but during that time Spence Ray, part of Farmington-Kimbrough Development Group, will also develop a conservation area on the northern 28 acres of the 178-acre site. The conservation area will help drainage on the site and saves a number of trees due to an amendment the Planning Commission reviewed earlier this month. Drivers along Wolf River Boulevard may be able to see two retention ponds when staring at the leafless trees in winter months.
The board approved both, and Ray said construction could begin within the next three weeks.
He plans to move out there, and he and his wife could bury their dog in their future yard. He said the engineers named the coordinates so they could ensure they didn’t accidentally bury the beloved pet in a neighbor’s yard.
Ray estimated about 200 lots are claimed, and the board will likely recognize many of the names for the future residents of Glasgow.
“We have great developments throughout our community, but this one is going to raise the bar and send a clear message for many developers who come to our city as to what type of product and what type of development we are looking for,” Alderman Jon McCreery said.
Click here to read the full article from the Daily Memphian.
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September Real Estate Update
Home Sales
Shelby County home sale activity fell 16% this September with 1,805 home sales recorded compared to 2,138 home sales recorded in September 2021.
Home sale prices continue to rise with prices up 18% in September with an average price of $262,686 for the month compared to September 2021's average home sale price of $222,808.
The total sales volume for the county was $474 million for September compared to $476 million last September.
The median sales price was $215,000.
20% of home sales recorded in September were valued under $100,000.
Home sales valued over $300,000 were up 12% in September with 588 sales recorded compared to 524 last year.
There were 24 home sales over $1M for the month and 10 sales over $1M recorded in September 2021.
Year-to-date, the number of homes sales recorded is down 1% and average sale prices are up 12% compared to the same time period in 2021.
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Commercial Sales (August)
Commercial sales activity for August was down 22% with 94 sales recorded for the month totaling $295M compared to 121 sales recorded in August 2021 totaling $318M.
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The largest commercial transaction recorded in August was the $66M sale of the The Preserve at Bartlett Apartments. The 300 unit apartment complex built in 2001 located at 8840 Bristol Park (38133) has 339,744sqft and sits on 25 acres. The property sold on August 19th from Wolfchase (Bartlett) Owner, LLC to Bartlett Heritage, LLC.
Click here to download our latest Commercial Market Conditions reports.
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Residential Foreclosure Analysis
Foreclosure activity in September was up with 45 foreclosures recorded for the month compared to 30 recorded in September 2021.
On the properties foreclosed this September, the average foreclosure amount was $86,303 and the average tax appraisal value for the properties was $70,980.
The City of Memphis recorded the most foreclosures for the month with 36 total averaging $73,806.
Foreclosure notices continue to rise with 124 notices published in September jumping 68% from 74 notices published in September 2021.
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New Housing & Builder Activity (August)
New home sales were down 9% this August with 54 sales recorded for the month compared to 59 sales in August 2021.
Average new home sales prices were up 9% for the month to $501,363 compared to $460,749 in August 2021.
The Arlington/Lakeland area (38002) claimed the most new home sales with 17 recorded averaging $532,004.
David & Keith Grant had the most new home sales for August with 11 sales averaging $489,435.
New home starts for August were down 3% to 58 permits filed for the month averaging $455,609 compared to 60 filed in August 2021 averaging $358,086.
The Arlington/Lakeland area (38002) claimed the most new home permits for the month recording 19 permits averaging $463,957.
Regency Homes was the top builder for August with 10 new home permits recorded for the month averaging $442,633.
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Mortgage Trends & Lending Analysis
Residential mortgages filed at the time of sale fell 10% in September with 1,079 loans recorded for the month compared to 1,200 recorded in September 2021.
The average mortgage amount was $257,761 with an average sales price of $298,745 making the average loan to value ratio 86%.
The Collierville area (38017) had the most residential loans recorded at the time of sale with 85 mortgages averaging $421,457.
The top lenders for September based on the total number of residential
mortgages filed at the time of sale were Community Mortgage Corp.
with 64 loans, Pinnacle Bank with 45 loans and Trustmark Bank with 39 loans.
Click here to download our Residential Lender Analysis reports.
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Fayette & Tipton County Market Trends
Fayette County home sale activity dropped 28% in September with 78 home sales recorded for the month compared to 108 recorded in September 2021. Average home sales prices rose 20% from last year to $407,526.
Oakland (38060) recorded the most home sales for the month with 37 total averaging $348,854.
Year-to-date in Fayette County, the number of homes sales recorded is down 11% and average sale prices are up 9% compared to the same time period in 2021.
Tipton County home sales were down 16% in September with 92 sales recorded for the month compared to 109 recorded in September 2021. Average home sales prices were up 14% for the month to $246,499.
The Atoka area (38004) recorded the most home sales for the month with 21 sales averaging $326,981.
Year-to-date in Tipton County, the number of homes sales recorded is down 3% and average sale prices are up 15% compared to the same time period in 2021.
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